Rental Income and Online Income
Two types of passive income. There are pros and cons to building a passive income either way. Attainability, capital, credit, knowledge, time to profit, maintenance and much more are all factors. To read a quick summary on one comparison, check out Rental Income vs. Online Income - A Residual Income Comparison.
Saturday, April 11, 2009
Friday, April 3, 2009
How to Earn a Passive Residual Income
Earning a passive residual income is not that hard and does not take a large investment of money. What it does take is some time and effort. Anybody that has a willingness to learn that will put in time and effort can create a passive residual cash flow.
A great way to get started is by utilizing the Happy Place Profits guide and training program. It will teach you the steps you need to take to create an online residual income stream. It is geared toward beginners and novices and the program goes into step by step detail of how to do things so you do not get overwhelmed with information or lost in what to do.
You can check it out by following the link below.
Happy Place Profits - Step-by-Step Residual Income System
A great way to get started is by utilizing the Happy Place Profits guide and training program. It will teach you the steps you need to take to create an online residual income stream. It is geared toward beginners and novices and the program goes into step by step detail of how to do things so you do not get overwhelmed with information or lost in what to do.
You can check it out by following the link below.
Happy Place Profits - Step-by-Step Residual Income System
Tuesday, March 31, 2009
New Business Startup Problems that a Residual Income Could Help Solve
I'm going to list a couple of the most common causes of failure among new businesses from an article I just read.
Lack of Funds
"One of the major causes of business failure is the lack of start-up capital. If you feel that your start-up capital is not enough, then you should wait until you have saved the amount you need before starting your business."
Having a residual income in place can help with this and also allow you to get a new business started sooner because you wouldn't be burning through all of your startup capital if you have monthly residual income coming in.
High Cost of Finance
"During the early stages of starting a business, many owners commit themselves to taking any sources of finance they have available to them (such as credit cards). This can be disastrous as high interest rates and unfavourable repayment are overlooked due to the pressure of financing."
Again, with a residual income in place to help finance your new business, you wouldn't need to borrow at high interest rates.
The article's advice?
"Remember that for small businesses, the best source of short term funding can often come from family and friends: but pay it back as agreed!"
I don't know about you, but I always hated borrowing from family and friends. Having a passive income would eliminate this need.
Lack of Funds
"One of the major causes of business failure is the lack of start-up capital. If you feel that your start-up capital is not enough, then you should wait until you have saved the amount you need before starting your business."
Having a residual income in place can help with this and also allow you to get a new business started sooner because you wouldn't be burning through all of your startup capital if you have monthly residual income coming in.
High Cost of Finance
"During the early stages of starting a business, many owners commit themselves to taking any sources of finance they have available to them (such as credit cards). This can be disastrous as high interest rates and unfavourable repayment are overlooked due to the pressure of financing."
Again, with a residual income in place to help finance your new business, you wouldn't need to borrow at high interest rates.
The article's advice?
"Remember that for small businesses, the best source of short term funding can often come from family and friends: but pay it back as agreed!"
I don't know about you, but I always hated borrowing from family and friends. Having a passive income would eliminate this need.
Monday, March 30, 2009
Residual Income - The Time to Act is Now
I don't need a residual income you say. I have a great profession and make great money doing work I love. I wish we could all say that and not have any worries. Things can change quickly though. Your company could go under or the economy could get even worse. Sure you might have savings that will tide you over. BUT that is not what savings are for. At least not in my opinion. Savings are for saving for yourself and family. College for the kids, retirement, that dream house or trip around the world. That tropical island you saw for sale in the travel magazine. Savings are not for surviving between jobs when you get laid off. Do you think this is what our parents and grandparents used their savings for? Back then you could work for one company for at least most of your life.
Start building your residual income now. Then when your layoff comes you won't have to blow through the savings you were going to buy that sailboat with. Start now and maybe when that layoff comes you won't even need a new job. Your residual income could be large enough to live off of or at least start your own business from.
The earlier you start now, the better off you'll be later.
Start building your residual income now. Then when your layoff comes you won't have to blow through the savings you were going to buy that sailboat with. Start now and maybe when that layoff comes you won't even need a new job. Your residual income could be large enough to live off of or at least start your own business from.
The earlier you start now, the better off you'll be later.
Sunday, March 29, 2009
The Power of Passive Income
Imagine you want to start your own business. You think you have a good idea and a sound business model. But you don't have a lot of savings and you think it might take you a year or two for your new business to make enough money to pay the bills. You might delay starting your business or never start it out of fear of going broke before it has time to get started. Maybe you have a family to think about.
Now what if you had $1,000 a month of passive income coming in? Does that make it easier to take the plunge and start your new business? How about $2,000 a month in passive income? Even if your new business grows slower than you thought it would at least you have that $2,000 a month still coming in.
Maybe you have started a new business. It is your dream business. You love it and it is your passion. But it is only generating $3,000 - 3,500 a month in income, but you need $4000 a month to pay the bills and would like to save another $500 a month for retirement, college for the kids, vacations, a new house, etc. How many people have had to give up their dream or drastically cut back on their standard of living because their business comes up just a little bit short each month. Their business is profitable but not profitable enough. An extra $1,000 a month in passive income would make their situation peachy. They could continue on with their passion and not have to worry about the bills so much every month. The best part is that they could build this passive income online and create it in the same field of knowledge that they are passionate about.
What could be better than a passive income in your passion?
Now what if you had $1,000 a month of passive income coming in? Does that make it easier to take the plunge and start your new business? How about $2,000 a month in passive income? Even if your new business grows slower than you thought it would at least you have that $2,000 a month still coming in.
Maybe you have started a new business. It is your dream business. You love it and it is your passion. But it is only generating $3,000 - 3,500 a month in income, but you need $4000 a month to pay the bills and would like to save another $500 a month for retirement, college for the kids, vacations, a new house, etc. How many people have had to give up their dream or drastically cut back on their standard of living because their business comes up just a little bit short each month. Their business is profitable but not profitable enough. An extra $1,000 a month in passive income would make their situation peachy. They could continue on with their passion and not have to worry about the bills so much every month. The best part is that they could build this passive income online and create it in the same field of knowledge that they are passionate about.
What could be better than a passive income in your passion?
Saturday, March 28, 2009
The Freedom of Residual Income
Everybody wants freedom. The freedom of working your own hours. Taking time off whenever you need to. Spending time with your family when you want. Seeing all of your kids' ballgames, plays, recitals. Not having to work late and miss dinner with your wife because your boss needs some project finished.
Having a decent residual online income can bring about this kind of freedom. Imagine making $12 an hour (don't laugh yet) - every hour - every day. 24/7 365 days a year. That's $105,120 a year. A six-figure income. One of the best parts about an online income is you can take it anywhere. If you want to move away from the big city, you can move to a smaller town with a lower cost of living and now your hundred grand is worth even more. You could even move to a tropical location in another country and live very well in paradise.
But the best part may be that every bit of work you put in is for yourself and not some company that could lay you off next week. The best job security is working for yourself.
Having a decent residual online income can bring about this kind of freedom. Imagine making $12 an hour (don't laugh yet) - every hour - every day. 24/7 365 days a year. That's $105,120 a year. A six-figure income. One of the best parts about an online income is you can take it anywhere. If you want to move away from the big city, you can move to a smaller town with a lower cost of living and now your hundred grand is worth even more. You could even move to a tropical location in another country and live very well in paradise.
But the best part may be that every bit of work you put in is for yourself and not some company that could lay you off next week. The best job security is working for yourself.
Friday, March 27, 2009
Welcome to the Residual Income Power blog
I'm going to be talking about the many benefits of creating a residual or passive income. Here is the wikipedia definition of "residual or passive income" Passive Income. Notice the fourth example: "Earnings from internet advertisement on your websites." That is going to be my main focus here when I discuss methods of generating a residual income.
Do not let that deter you from coming back and reading more as the most important and most common subject I will discuss is simply the POWER of residual income and the FREEDOM and FLEXIBILITY it can give your life. I am here to discuss why people should have at least some passive income, not to discuss why people should become internet marketers. There are enough people doing that already.
Hope you enjoy the blog.
Do not let that deter you from coming back and reading more as the most important and most common subject I will discuss is simply the POWER of residual income and the FREEDOM and FLEXIBILITY it can give your life. I am here to discuss why people should have at least some passive income, not to discuss why people should become internet marketers. There are enough people doing that already.
Hope you enjoy the blog.
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